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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Funds Upgrades Shawme Heights Affordable Community in Sandwich, Massachusetts

by Jeff Shaw

SANDWICH, Mass. — MassHousing has provided $6.2 million in financing to Sandwich Senior Housing Corp. The funds will be used to improve the physical plant of Shawme Heights Apartments, an affordable seniors housing community in the Cap Cod town of Sandwich. The nonprofit Sandwich Senior Housing Corp. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD …

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Company NewsFeaturesNews

NIC Awards $3M to Milken Institute to Establish Aging Innovation Collaborative

by Jeff Shaw

SANTA MONICA, Calif. — The National Investment Center for Seniors Housing & Care (NIC) has awarded $3 million to the Santa Monica-based Milken Institute. The funds will be used to establish the Aging Innovation Collaborative (AIC) within the Institute’s Center for the Future of Aging, which advances healthy longevity and financial security through policy, research, convenings and multisector partnerships. The AIC will engage experts to develop new models of housing, healthcare and community that meet the needs of a growing U.S. population of older adults. By removing silos between industries …

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FeaturesNewsSkilled Nursing

Skilled Nursing Occupancy Increased 59 Basis Points in August

by Jeff Shaw

ANNAPOLIS, Md. — Skilled nursing occupancy nationwide increased 59 basis points from July to August, reaching 82.3 percent at the end of the month. That’s according to a blog post this week by Bill Kauffman, senior principal with the National Investment Center for Seniors Housing & Care (NIC). The Annapolis-based organization is the main source of data tracking for the seniors housing industry. The new skilled nursing occupancy number is an increase of 142 basis points from the pandemic low of 75 percent in January 2021. Occupancy hovered around 81 …

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Affordable HousingFinanceNew YorkNews

Rockabill, BWE Provide $16.9M Refinancing for Monastery Manor Affordable Community in Yonkers, New York

by Jeff Shaw

YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan to refinance debt on Monastery Manor, a 147-unit affordable apartment building for seniors just north of New York City in Yonkers. The borrower is nonprofit owner-operator Finian Sullivan Corp. Proceeds from the refinancing will be used to fund renovations at the property and pay off existing debt. The refinancing also includes an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. BWE’s Jim Gillespie and Ilya Weinstein originated the loan. Units are …

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ArizonaFinanceNewsSkilled Nursing

CFG Funds $10.9M HUD Refinancing for Skilled Nursing Facility in Arizona

by Jeff Shaw

ARIZONA — Capital Funding Group (CFG) has provided a $10.9 million HUD loan, which refinances an existing bridge loan on a 112-bed skilled nursing facility in Arizona. CFG originally arranged the bridge loan as well.  Tommy Dillon originated the transaction for CFG. No further details were provided.

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37M Oasis at Aventura in Miami

by Jeff Shaw

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Noble Senior Living at Brooksville in Florida

by Jeff Shaw

BROOKSVILLE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Noble Senior Living at Brooksville, approximately 45 miles north of Tampa. Located on an 8.3-acre site, the community houses 85 assisted living and memory care units. Built originally as a hotel in 1925, the community was converted to assisted living in 1984. Since that time there have been significant capital upgrades both to the interior and exterior of the asset. The seller is a publicly traded REIT that was exiting the asset. The buyer is a Florida-based …

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AcquisitionsAssisted LivingNewsTexas

The Ensign Group Acquires Champions Healthcare at Willowbrook in Houston

by Jeff Shaw

HOUSTON — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Champions Healthcare at Willowbrook, a healthcare campus consisting of a 98-bed skilled nursing facility and a 144-bed assisted living facility located in Houston.  The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 297 healthcare operations, 27 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, …

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ConnecticutNewsOperations

LCB to Assume Management of The Hearth at Glastonbury in Connecticut

by Jeff Shaw

GLASTONBURY, Conn. — LCB Senior Living has taken over management of The Hearth at Glastonbury in Glastonbury, just southeast of Hartford.  The community will be renamed The Residence at Glastonbury. Further details on the property were not disclosed. LCB Senior Living has eight senior living residences across Connecticut, including in Avon, Darien, South Windsor, Rocky Hill, Stamford, Suffield and Westport.

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MassachusettsNewsOperationsSkilled Nursing

ESI Arranges a Lease Transaction for a Massachusetts Skilled Nursing Portfolio

by Jeff Shaw

MASSACHUSETTS — Evans Senior Investments (ESI) has negotiated a new tenant for an institutional landlord in the state of Massachusetts, finalizing a five-year lease for a 500-bed skilled nursing portfolio. The portfolio comprises five communities. Prior to the onset of COVID-19, the portfolio exhibited a stabilized annual revenue of $46 million and a census of 90 percent. At the time of marketing, the portfolio was 76 percent occupied and losing over $2 million in net operating income annually. However, the portfolio’s strong historical performance highlighted great potential to bring occupancy …

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